Bitcoin bears re-entered the marketplace on Saturday, as prices moved closer to a multi-week low to start the weekend. BTC អ once again fell below $29,000, whilst សាកលវិទ្យាល័យ ETH continues to move lower, and now hovers around $1,750.
Bitcoin
Following a brief rebound on Friday, BTC អ once again moved lower, with prices falling under the $29,000 mark to start the weekend.
កាលពីម្សិលមិញបានឃើញ BTC អ/USD hit an intraday peak of $29,335.03, however with bears re-entering the market, prices fell to a low of $28,326.61 earlier today.
Today’s move sees bitcoin fall below its current support level of $28,800, and push price closer to a 16-day low below $27,700.
សរុបមក, BTC អ is down over 1% in the last seven days, with markets mainly consolidating during that period.
Many now believe that after bearish stints in April and May, we might have seen the worst of the selling in crypto, with a potential for a slight rebound in June.
The 14-day RSI is currently tracking at a floor of 35. Should this break we could see some more downward declines until bulls decide to really recapture the market sentiment.
Ethereum
សាកលវិទ្យាល័យ ETH dropped for a fourth consecutive session, as bears refused to give way to any incoming bulls, who attempted to stabilize prices.
So far on Saturday, សាកលវិទ្យាល័យ ETH has dropped to a low of $1,721.26, which is its weakest point since May 12, and comes as yet another floor is broken.
Despite recent declines, it appeared as though the $1,750 level on សាកលវិទ្យាល័យ ETH/USD was acting as a support point, however that floor was tested earlier today.
Although it failed the initial test, we have seen somewhat of a fight back, with prices now trading at $1,776.19.
សរុបមក, សាកលវិទ្យាល័យ ETH is now down close to 10% in the last seven days, with some expecting moves towards $1,600 in the next few weeks.
Will June be another bearish month for crypto? Leave your thoughts in the comments below.
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Source: https://news.bitcoin.com/bitcoin-ethereum-technical-analysis-bitcoin-drops-below-29000-to-start-weekend/